There is no other course like this one in RSA! Run the video its free! 8 Reasons why you need to be paperless and in the cloud
PRACTICAL ASPECTS IN RUNNING A TAX COMPLIANCE PRACTICE – AND WHATS NEW Please join me for this 6 hour webinar which we will run in two 3 hours sessions.
This webinar will be recorded so in the event that you cannot make the dates you will be in a position to run the video recording at your convenience.
This webinar is suitable for all Tax Practitioners and Tax Practitioner assistants whether they run our tax systems or not and whether they run a manual tax department or a competitive system as the emphasis is on procedure, processes and compliance. We welcome practitioners who run competitive systems.
A full set of notes will be given as well as a CPD certificate for attendance. You will also have an opportunity to complete a risk control questionnaire and evaluate your own tax department. You will also have free access to the best of our webinars that we ran over the last year.
BACKGROUND The necessary components to run a successful back office system in a tax compliance tax practice will be discussed. Background to automated back office systems and how the Tax Administration Act changes everything. Why your accounting practice is tax-centric and why you have to make your tax practice risk averse as well as make it profitable. The only way to make it risk averse is to be electronic. COMMUNICATING WITH YOUR CLIENTS Proper communication with your clients is key to running a successful risk averse practice. In this section I will give you all the do’s and don’ts of communicating with your clients. I will also be introducing the concept of digital signatures and how this will go a long way to tracking and controlling communications with your taxpayer clients as well as guarantee that your client receives all your communications. Examples of letters will also be provided as part of your notes. We will provide full samples of the most important letters PAPERLESS OFFICE Why your tax practice needs to be paperless. The tools you need to make it paperless, efficient and profitable. PROVISIONAL TAX PROCESSES I will discuss in detail all the provisional tax processes from interpretation notes to the actual law. I will deal with the practical difficulties you will encounter! All the penalties and how to get them waived. Other aspects 1st 2nd and 3rd payments, 8% increase, who is liable, the timing problems, estimates, why you need an automated system. Payments and timing. The difference between practice and theory. Most important of all is the risk aversion procedures that you need to take care of whether you use a manual or automated system. I will deal with the latest interpretation notes and various comments presented. TAX RETURN PRODUCTION I will discuss ITR12, ITR14 and ITR12 trust returns. Comparisons between SARS efiling and producing tax returns on a back office system. Managing the submission process and the most important things that need to be done first. Using task management as risk control. Retrieving assessments and correspondence. Measurements of your progress throughout the tax year. EXERCISE OF DISCRETION IN CASE OF LATE OBJECTION OR APPEAL I will discuss the draft interpretation note (the latest) on this aspect as I think many Tax Practitioners are falling foul in regard to not been able to make objections in time and the draft paper deals with the mechanism on how to get around this, resulting in notices not being received and errors on the website. There will be a evaluation of this aspect in your practice to see the effect on your cost. STATEMENT OF ASSETS ON AN ITR12 Detailed discussion on how this works and why this is so important to do for individuals and help in protecting your clients. REDUCING RISK EXPOSURE IN A TAX PRACTICE It is necessary to have a proper mandate that your client needs to sign - we will supply ours. We will discuss the steps you need to take in order to reduce your risk exposure. Letter writing and producing a proper engagement or mandate letter. Signing of tax returns – who needs to sign a return. Potential liability that could be incurred by a Tax Practitioner. E filing terms and conditions and some important history of e Filing. DIGITAL SIGNATURES We will discuss the basic requirements of Digital Signatures and why this becomes so important in a paperless office and how it can be used successfully in an integrated back office system. OTHER Any other matter
Please Note Where it is necessary to illustrate something with an application I will be making use of Sky Tax.